PART III TABLE COMPLETION: Fill out the table below (7 points total) Normal Balance Category Asset Statement Balance sheet Debit Account 0. Cash 1. Wage Expense 2. Accounts Payable 3. C. Palmer, Withdrawal 4. Office Equipment 5. Accounts Receivable 6. C. Palmer, Capital 7. Service Fees Earned PART IV Circle the letter of the best response.(23 points) 1. Although debits increase assets, they also a. increase revenues b. increase expenses c. increase owner's equity d. increase liabilities 2. The right side of a T account is the a. increase side b. decrease side c. credit side d. debit side 3. A compound entry is a. an entry affecting more than one account b. an entry involving multiple transactions an entry involving more than one date d. an entry increasing and decreasing the same account c. 4. Which of the following accounts has a normal debit balance? a. Mia Wong, Capital b. Cash c. Accounts Payable d. Fees Earned 5. Which of the following accounts has a normal credit balance? a. Office Equipment b. Salaries Expense c. Accounts Receivable d. Accounts Payable 6. Payment of salaries to employees is recorded as a a. asset b. liability c. revenue d. expense